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Agency

The definition for Agency:

A relationship created when one person (the principal) delegates to another (the agent) the fight to act on his or her behalf in business transactions.




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Dual Agency

Dual Agency
The representation of opposing principals (buyer and seller) at the same time. In brokerage many states get around this by saying that the agent aids the buyer but is the agent of the seller only. A problem arises if both buyer and seller pay the broker, Then full disclosure must be made. An escrow agent is the agent of buyer and seller and usually paid by both. This is why an escrow agent must be neutral.




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